On the recipe page, another poster asked it this could be used as a sewing kit. I made a couple and tried it out. I was able to make bandages and a Hand Made Backpack with no problem.
That being said, it costs about 10pp for materials (assuming no failures!) which CAN'T be gotten any other way. This may be a time saver, but it can really hurt the pocket! To add insult to injury, the merchants will give you less than 1pp if you want to sell it! It's nice that it has 10 large inventory slots though, which is 2 more than a large sewing kit.
So, make this if you want to improve your smithing ability or you want a sewing kit with a large capacity, but don't think you won't take a loss on the project.